SendFriend Raises Capital for a Blockchain Remittance Platform

SendFriend Raises Capital for a Blockchain Remittance Platform

Remittance service startup SendFriend announced
$1.7 million in funding capital to work in a blockchain-powered remittance platform that will reduce fees, according to a press release published by the company.

Following the funding round, SendFriend will partner with top names in the technology market such as MIT Media Lab, Barclays, the Mastercard Foundation, Ripple, and Techstars among others to build a system that cuts annual fees for remittances to the Philippines.

As the press release says, “through a partnership with blockchain company Ripple, SendFriend leverages xRapid to create a seamless money transfer experience. XRP is used as a liquidity vehicle for cross-border payments, enabling SendFriend to circumvent the corresponding banking system and convert USD to XRP to PHP in a matter of seconds.”

The blockchain-powered remittance platform will cut annual fees for overseas Filipino workers. Remittance services sum more than 45 billion dollars annually, and it takes 3-5 days per transaction; so, SendFriend aims to change that.

The project will work on a platform which fees will be 65% lower than the industry average as it will eliminate frictions and fees from the traditional banking system. SendFriend will change that for ultra low-cost experience to send money worldwide.

“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families,” said David Lighton, SendFriend co-founder and Chief Executive Officer. “This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”

SendFriend is a startup focused in the Philippines. It was accepted into the Barclays Accelerator Program to build out its customer solution.

Recently Similar News

cex-promotion exmo-promotion

Latest Guides

Latest News

BitPanda CEOs Win Entrepreneur of the Year Award

Paul Klanschek and Eric Demuth, the two CEOs of BitPanda, have taken home the Entrepreneur of the Year in an event hosting by world-leading accountancy firm, Ernst and Young. The prize follows a very exciting year for the exchange platform. 2019 saw them host the highest ever recorded IEO of their native, BEST token, as […]

22 October, 2019
CFD,Exchange Platforms,Expansion,Trading

Trade.com Expands into UK and Irish Markets

The CFD trading platform, Trade.com yesterday beckoned in a new dawn of operations by setting up shop in the UK and Ireland. The expansion into this new market comes as the platform sets-up shop in one of the financial hubs of the world, London. This will see the CFD platform become more accessible to users […]

22 October, 2019
Binance,Bitcoin Cash,Decentralised,Pegging

Bitcoin Cash to Become Latest Pegged Token On Binance Chain

Following the listing of Bitcoin Cash (BCH) on the Binance DEX, a new token known as BCH-1FD tokens, which is pegged to the value of BCH, will be created on the Binance Chain. This promises to provide users of the Binance DEX with more trading options on the exchange, while maintain they continue to obtain full custody over their […]

21 October, 2019
KuCoin,Pairings,Tron,Updates

KuCoin Adds TRX Trading Market

The expanding cryptocurrency exchange, KuCoin has listed pairings for Tron on their platform which will see them dive develop their operations with Tron. This new trading market will go live later today, October 21st, at 18:00 (UTC+8) with the trading pairs of BTT/TRX and WIN/TRX being added. While trading of TRX on the platform has […]

21 October, 2019
Blockchain,Learn,Malta

The University of Malta To Offer a Masters in Blockchain

It is now possible to get a certified degree in blockchain and distributed ledger technology at the University of Malta. Malta has been recently establishing itself as very much the hub of cryptocurrency in Europe. The small Mediterranean island has been one of the first locations on the continent to provide the infrastructure for the […]

20 October, 2019
cryptocurrency hedge funds,Custodian,Fidelity,Updates

Crypto Custody Services From Fidelity Set to Launch

In a new interview, the CEO of Fidelity Investments has announced the roll-out of their much-anticipated crypto custody service. Speaking to The Financial Times, CEO, Abigail Johnson explained that after year-long preparation it was ready to venture into this new area of cryptocurrency investment. This was described by Johnson as “enterprise-quality custody and trade execution […]

19 October, 2019
BitPanda,Europe,Finance,Payment Solution

You Can Now Send Money & Pay Bills with New BitPanda Pay

The exchange platform, BitPanda, has unveiled a new BitPanda Pay service which will allow you more freedom to use your BitPanda balance in everyday life. BitPanda will allow users to bridge the gap between your holdings in the cryptocurrency world and the financial services you need to take off in the real-world. The new service […]

19 October, 2019
Binance,Futures Trading,Investment,Updates

Binance Futures Increases Leverage to 125x

As of today, traders who use Binance Futures will be able to benefit from the larger Leverage on both margin and trading available on the service. Binance Futures has been up and running for a couple of months now and has so far proven to be a big hit with traders. Owing due to its […]

18 October, 2019